Cox Nominated For Chairman of the SEC

This just in (via the Wall Street Journal Online):

WASHINGTON -- Acting quickly, President Bush named conservative Rep. Christopher Cox to lead the Securities and Exchange Commission Thursday. Mr. Cox would succeed William Donaldson, who Wednesday announced he is stepping down after 28 months

...Mr. Cox, 52, a member of the House Republican leadership, has a wide-ranging background, from foreign policy and economic issues to homeland security. He has represented California in Congress for 16 years. Before that, he was a corporate finance lawyer in private practice and served as a senior counsel in the Reagan White House.

...The SEC position is subject to Senate confirmation, a process that left Mr. Cox bruised once before. He was in line for an appointment to the U.S. Court of Appeals in 2001 when Democrats suddenly gained control of the Senate. Facing opposition from at least one of his home state's two Democratic senators, Mr. Cox realized he faced a difficult fight to win confirmation to the bench without a guarantee of success. He withdrew his name. The holder of a business and a law degree, he has voted for legislation to make it easier for companies to defend against securities fraud lawsuits.